Geico gives customers a break on premiums [CNNMoney.com]
Berkshire Hathaway Inc. (BRK.A)
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Source: CNNMoney.com
Geico giving credits to customers due to coronavirus-related drop in driving New York (CNN Business) Geico is giving car insurance customers a break on premiums because of the drop in claims associated the the coronavirus outbreak. With most of America under stay-at-home orders, driving is significantly down -- and so are accidents. Geico said its policy will give customers a 15% credit on six-month policies when they are renewed or if they were started between now and Oct. 8. Geico's break on premiums follows similar moves by Allstate and a smaller insurer. Geico is the second largest auto insurer in the country, behind State Farm, and insures 28 million vehicles. It estimates the credits will be worth $2.5 billion. "This ongoing crisis has widespread effects that will linger. That is why we wanted to give this credit for at least six months," said Todd Combs, CEO of Geico, which is owned by Berkshire Hathaway ( BRKA ) . "Our customers have been loyal, and we are committed
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